PracticeAccounting FirmsDeloitte happy with EC’s decision on audit market

Deloitte happy with EC’s decision on audit market

Deloitte is pleased with EC’s consideration of limited civil liability for auditors and audit firms

Deloitte
Touche Tohmatsu
is happy with the European Commission (EC)’s decisive
consideration of the limiting civil liability for statutory auditors and audit
firms.

The big four firm said EC’s recommendation encouraged new entrants into the
audit market and protected European capital markets by ensuring audit firms
remained viable in an environment of increasing litigation and a lack of
sufficient insurance cover in the sector.

EC’s recommendation also proposed principles for member states when adopting
the recommendation, including limitations not applying in the case of
intentional misconduct by the auditor and a right to fair compensation by
damages parties.

Deloitte believes EC gave very careful consideration to issuing this
recommendation, and said it would help achieve the commission’s goals and
objectives.

Further reading:

ACCA chief: ‘smaller auditors will disappear’

Related Articles

Sexual harassment – is accountancy next for #MeToo?

Accounting Firms Sexual harassment – is accountancy next for #MeToo?

4d Karen Baxter, Lewis Silkin
Johnston Carmichael CEO appointed as ICAS president

Accounting Firms Johnston Carmichael CEO appointed as ICAS president

4w Emma Smith, Managing Editor
British Accountancy Awards 2018 – entries open!

Accounting Firms British Accountancy Awards 2018 – entries open!

1m Emma Smith, Managing Editor
Is the accountancy sector facing an international talent crisis?

Accounting Firms Is the accountancy sector facing an international talent crisis?

2m Lewis Silkin
RSM appoints new Chief Operating Officer

Accounting Firms RSM appoints new Chief Operating Officer

2m Alia Shoaib, Reporter
RSM announces 11 partner promotions

Accounting Firms RSM announces 11 partner promotions

2m Emma Smith, Managing Editor
BDO hires former AstraZeneca creative director as head of digital and innovation

Accounting Firms BDO hires former AstraZeneca creative director as head of digital and innovation

2m Emma Smith, Managing Editor
What does the future hold for listed accountancy firms?

Accounting Firms What does the future hold for listed accountancy firms?

3m Fergus Payne, Lewis Silkin